Plantronics (PLT) Tops Q3 EPS by 7c, Guides q4 EPS Below the Street; Announces 1M Share Buyback

Plantronics (NYSE: PLT) reported Q3 EPS of $0.83, $0.07 better than the analyst estimate of $0.76. Revenue for the quarter came in at $225.7 million versus the consensus estimate of $230.61 million.

The company announced our board of directors has approved a new 1 million share repurchase authorization as it approaches the completion of its existing repurchase authorization announced in May 2015.

GUIDANCE:

Plantronics sees Q4 2016 EPS of $0.50-$0.60, versus the consensus of $0.73. Plantronics sees Q4 2016 revenue of $200-210 million, versus the consensus of $209.8 million.

We believe our opportunities for growth, our execution on our strategic initiatives and our competitive position remain excellent," stated Ken Kannappan, President & CEO. "Our operating margins continue to be significantly impacted by foreign exchange movements and a sharp decline in the mono Bluetooth® headset category; we believe a series of restructuring actions announced today will offset a portion of the currency impact, streamline global operations and improve profitability in fiscal 2017."

"As part of our commitment to appropriately manage the profitability of the company, today's announced headcount reduction and expense reduction will better align our investments and cost structure with the current economic environment and put us in a better position to achieve our long term targets," stated Pam Strayer, Senior Vice President and Chief Financial Officer.

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